Director for International Affairs of the National Oil Company (NIOC), Mohsen Qamsari, said that Iran is working on a program that helps convert its spot oil purchase contracts with European partners into long-term agreements, Tehran Times announced.

Qamsari added that Iran’s current sales of oil to Europe are carried out through both schemes.

He stated that long-term contracts guarantee a degree of sales stability to the Iranian market thus further protection to the country’s interests in terms of national revenues.

Meanwhile, Press TV reported that the Islamic Republic’s oil exports have increased above 2m b/d following the lift of sanctions. Figures show a majority of the exports are made to the country’s Asian clients that come from India, South Korea, Japan, and China.

According to Times of Oman , Iran has restored most of the production capacity it lost because of the sanctions and  is advancing in bringing foreign investors back into its oil and gas sector.